Sometimes settling will cause the drywall tape to wrinkle. The wrinkle can look like a bulge or like a candy cane stripe along the joints in the drywall.
Keep a close eye on the door where the new bulge is, If that door becomes difficult to open or close, I would say settling is to blame.
You may have to have the floors lifted and shims placed under your main girders.
The repair to the drywall should NOT be done until any settling issues are resolved.
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